FS Bill amendments for Report stage

Among the amendments to the FS Bill to be discussed at report stage are clauses that:

• strengthen FCA’s consumer protection objective by requiring it to make rules imposing a duty of care owed by authorised persons to consumers when carrying out regulated activities, and to make these rules to come into force no later than 6 April 2022;
• repeal various old legislation, including the Bills of Sale Acts, with the aim of getting the Government to review the Law Commission’s recommendation to repeal them;
• would require FCA to make rules introducing an interest rate cap for mortgage prisoners and ensure they can access new fixed interest deals at or below a rate specified by FCA; and
• would modernise provisions necessary to allow processing of digital instruments